Who Else Wants To Lie On Their Refinance Loan Application?

I read an article the other day supposedly written by a mortgage broker that said that when you’re refinancing you can’t be afraid to take chances if you want to get your refinance or home equity loan approved.

His solution? Bury what you can and lie about the rest!

Let me explain why this is a really terrible idea…

If your credit isn’t too hot, yes you may have a little more trouble getting your loan approved than somebody who has a good credit score. That only makes sense. But if you take this kind of nonsense and irresponsible advice, and accept it as gospel you could be the one left holding the bag, especially if you get approved and a regulator starts poking into your past.

With so much personal information available with just a few clicks of a mouse, you don’t have much chance of sneaking cardinal sins like late payments and slow payments past loan underwriters.

When it’s discovered as late as closing day it could 86 your loan and your refinance plans completely!

Tell the truth on your credit application! Whether you’ve got sterling credit or you’re refinancing with poor credit, honesty is the best policy.  There are options for just about everybody.  There is absolutely no need to lie! 

You’ll sleep better at night and you won’t have a bunch of anxiety over what you said, to who you said it, and when it will catch up with you!

What do you think?

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